Ethos (BQX) is a blockchain project that started on the premise that people should be in control of their own assets and to be able to easily participate in the new crypto ecosystem.
The platform’s token (BQX/ETHOS) caught us by surprise when the value of the token skyrocketed over 100% sluggish crypto market.
The value of the BQX/ETHOS token took a quantum leap to $3.68 on $66 million of volume in one hour. The token hit a low of around $1.61 just the night before, representing a potential gain of up to 129% according to data from Coinmarketcap.
The pump can be attributed to the Ethos Universal Wallet launch, now available in Europe (Netherlands & Germany), U.S, Canada, and Australia on Android. The team says iOS and support for other countries are “coming soon!”.
At a quick glance, the wallet looks superb, with a beautiful interface and clean design. Let’s see what’s under the hood and if its any good.
The aim of the Universal Wallet
Ethos has revealed that the aim of its Universal Wallet is to give more control and ownership to consumers, rather than third parties. Ethos Universal Wallet features a platform that brings all digital assets (and in the future traditional assets) to a common ecosystem in a powerful way.
The wallet is being marketed as the ultimate, all-in-one crypto wallet (hot and cold) and portfolio tracker all while being decentralized.
Ethos Universal Wallet is a mobile-based platform where hot wallets and multiple digital assets can interact safely and securely. The wallet will eliminate most of the limitations plaguing the financial and some of the crypto sector from:
- interoperability issues;
- high transaction fees;
- fees to participate;
- poor security;
- lack of visibility; and
- conflict of interests.
Ethos has stated that the Universal Wallet gives users complete control of their digital assets. One new feature behind the possibility of the Universal wallet is the Ethos SmartKeys.
The Ethos SmartKeys
The SmartKey is one of the major selling points of the Ethos Universal Wallet. This new technology introduced by Ethos features a single 256-bit seed for improved security on the universal wallet. In referring to the SmartKey, Ethos says, “Generate once, let it take care of the rest”.
The Ethos SmartKeys implements a 24-word mnemonic which provides encryption for all the private keys in each wallet an Ethos user will create. This feature will allow user safely access all the digital assets they own in various wallets with much less hassle. If a user loses his mobile device, the 24-word mnemonic code can also be used to reclaim his wallet.
Ethos SmartKeys doesn’t stop there, it goes on to integrate a user feedback and accelerometer function, which according to Ethos will be ultra secure. To reduce the hassle of owing to different digital assets, all the wallets run by a user will be derived from a single seed; Ethos’ plan of bringing together the blockchain world.
The Global Launch is Underway
Four days after celebrating the project’s one-year anniversary, Ethos announced that it would begin the launch of its universal wallet since then the wallet has been officially released in four countries.
The Ethos Universal Wallet journey began in the Netherlands on July 3rd where the Wallet launched with initial support for Android (in Dutch) and a promise for an iOS version soon.
After launching in Germany, it took the Ethos Universal wallet only 30 hours to become the number 1 finance application in the country, another milestone reached for the Ethos project.
The next stop for the Ethos global road trip and it’s most monumental yet is the United States. The Ethos global wallet couldn’t have been launched on a more suitable day (Independence Day) in the United States, and the reception and price spike is a testament to that fact.
The Ethos Universal Wallet was launched on July 4th, on the independence day of the United States of America, and the Ethos token witnessed a hike of over 100% under 24 hours.
The latest stop of the Ethos Universal Wallet is Australia. The Ethos wallet launched in Australia today, July 5, 2018, at 18:00 (UTC). The wallet is available in the country only on Google Play, and Ethos has promised an iOS wallet. Amidst the global launch, Ethos has penned a new partnership.
Ethos (BQX) Partners with Plaid
As Ethos continues to roll out the Universal Wallet in multiple locations, it has looked towards the future by partnering with Plaid.
Plaid is a technology company which focuses on building technical infrastructure APIs that connect consumers, traditional financial institutions and developers to create a seamless consumer experience.
The partnership will see Ethos integrate Plaid’s multi-faceted technology into the Universal wallet to simplify the process of linking users bank account to the wallet, and safely transfer money directly from their accounts to the platform. This should increase the appeal of the mobile wallet.
The decision to partner with Plaid for providing an option for USD funding on the Universal Wallet is a reaction to request from multiple users and the Ethos community; this is basically Ethos confirming its claim as a people-powered blockchain platform.
Current Market Status of Ethos (ETHOS)
The Universal Wallet helped Ethos (most notably the official launch in the USA) break out of the depressing trend of the market trend, however, the general lack of enthusiasm in the crypto market has caught up with Ethos, as a result, the price spike has begun to flatten out.
Ethos is falling just as it rose in three days, showing a decline of 27.85% over the last 24 hours, which means ETHOS now has a trading value of $1.87. Ethos currently has a market capitalization of $144,366,814 which makes it the 71st largest blockchain project.
The sharp price decline was expected as daily trade volume cooled off and early holders cashed in on the pump. The volume seems to have returned to its pre-announcement average.
Future of the Universal Wallet
Decentralization and the interesting SmartKeys is not the only thing the Universal Wallet will offer. With future updates, the Ethos team will implement cold storage options, portfolio tracking, cryptocurrency research and analysis into the already impressive Universal wallet application.
Support for more cryptocurrencies is expected to feature on the platform as it ages. When Ethos completes these planned integrations, it would have succeeded in building an all-around impressive wallet which could easily become a one-stop shop for all crypto users.